OSLO, NORWAY--(Marketwired - August 19, 2013) - Algeta ASA (OSE: ALGETA), a company focused on
the development of novel targeted cancer therapeutics, is pleased to
announce the appointment of Dr Andreas Menrad as Chief Scientific
Officer (CSO) and member of the executive management team. In this newly
created role, Dr Menrad will be responsible for developing and
executing the Company's research strategy, including its Targeted
Thorium Conjugate (TTC) platform. He will lead a rapidly growing and
highly experienced R&D team. Dr Menrad will report directly to Andrew
Kay, Algeta's President & CEO, and takes up his position immediately.

Dr Menrad brings more than 20 years of experience in the
pharmaceutical and biotech industry, with a strong background in oncology
therapeutic development. He joins Algeta from Ablynx NV, where he was CSO.
Prior to this, Dr Menrad spent five years at Genzyme (Sanofi) in
Cambridge (UK), where most recently he held the role of General Manager
and Vice President of Antibody Therapeutics. Before that, he spent 15
years at Schering AG in senior research roles focused on oncology and
antibody engineering. He is an author on more than 30 patents and more
than 25 peer-reviewed publications. Dr Menrad received his PhD in
Immunology from the University of Stuttgart and conducted post-doctoral
research at the Wistar Institute Cancer Center (Philadelphia, PA, USA).

With the appointment of Dr Menrad, Dr Thomas Ramdahl, the Company's
Executive Vice President will become Algeta's Chief Operating
Officer (COO) with responsibilities for key aspects of the
Company's European operations, its global manufacturing assets as well as
the intellectual property portfolio.

Andrew Kay, Algeta's President & CEO, said: "Andreas brings a
wealth of complementary skills and experience to Algeta from his
successful career in therapeutic research and development. We are
confident that, in this key strategic leadership role, he will guide
the development and direction of our research team as we seek to create a
pipeline of development candidates. I would also like to congratulate
Thomas on his appointment as Algeta's COO, a new position that
reflects the Company's commercial evolution and our global
manufacturing capabilities."

Andreas Menrad, Algeta's Chief Scientific Officer, added: "Algeta
has an exceptional opportunity to establish a leading position in the field
of targeted cancer therapeutics, including via its unique thorium-227
alpha-pharmaceutical payload. I am excited to join the Company at a time
of significant momentum and I look forward to working to further develop
and advance Algeta's
world-class technologies and capabilities."

About Algeta

Algeta is a company focused on developing novel targeted therapies for
patients with cancer based on its alpha-pharmaceutical platform.
The Company is headquartered in Oslo, Norway, and has a US subsidiary,
Algeta US, LLC, based in Cambridge, MA performing commercial marketing
operations in the US. Algeta is listed on the Oslo Stock Exchange
(Ticker: ALGETA). For more information please visit www.algeta.com.

Forward-looking Statements

This news release contains certain forward-looking statements that are
based on uncertainty, as they relate to events and depend on
circumstances that will occur in the future and which, by their nature, may
have an impact on results of operations and the financial condition
of Algeta. Such
forward-looking statements reflect our current views and are based on the
information currently available to Algeta. Algeta cannot give any assurance
as to whether such forward looking statements will prove to be correct.
These forward looking statements include statements regarding future
development activities generally and our TTC program in particular. There
are a number of factors that could cause actual results and developments
to differ materially from those expressed or implied by these
forward-looking statements. These factors include, among other things,
risks or uncertainties associated with the success of future clinical
trials, collaborations with other companies in the development of
targeting molecules, general economic and business conditions and
difficulties of obtaining relevant governmental approvals for new
products, and the other risks and uncertainties described in our annual
report.